The Bay Ridge Federal Credit Union welcomed Bay Ridge’s moversand shakers to their annual meeting last Wednesday at the Bay RidgeManor.
The crowd enjoyed cocktails and appetizers as they mingled. Theyalso got an overview of the state of the economy from Gene Brody,the credit union president, who reassured listeners that theeconomy will go up eventually.
When most of the defaulted mortgages work their way through thecourt system, there will be less property on the market and priceswill go up, Brody said. When people return to work, they willbegin buying again. The banks are recovering from their losses now,and they will begin lending again. These improvements have alreadystarted. One thing will be different though — no more sub-primemortgages.